Core Viewpoint - The article highlights the advancements in intelligent mining technology in Guizhou's coal industry, emphasizing the transition from traditional mining methods to smart operations that enhance efficiency and safety while addressing the challenges posed by the region's complex geological conditions [1][20]. Group 1: Intelligent Mining Technology - Guizhou's coal mines are implementing intelligent production lines to ensure energy supply, especially during the Spring Festival, despite the high mining difficulty and safety risks due to the karst topography [1][5]. - The introduction of a 5G network and smart systems at the Qianxi Qinglong coal mine has significantly improved operational efficiency, allowing real-time monitoring of equipment and reducing downtime caused by equipment failures [7][9]. - The intelligent mining system has led to a 20% to 30% increase in annual output per mining face, setting historical records for production in complex geological conditions [11]. Group 2: Full Chain Intelligent Transformation - The intelligent transformation in Guizhou's coal industry is not limited to mining; it extends to the entire production chain, including advanced coal washing systems that achieve zero wastewater discharge and maximize the value of coal products [12][14]. - The new intelligent washing system allows for precise sorting of coal products and generates approximately 90 million yuan in annual revenue, showcasing the economic benefits of technological upgrades [14]. - The "Energy Cloud" platform enables real-time monitoring of production dynamics across 61 intelligent coal mines, facilitating data sharing and dynamic management of operations [16]. Group 3: Future Development and Industry Upgrades - By 2025, Guizhou aims to achieve an annual coal production capacity of 216 million tons, with a significant increase in the proportion of large and medium-sized mines [16]. - The provincial energy bureau plans to focus on refined mining and deep processing of coal, transitioning from raw coal sales to value-added products, thereby enhancing the industry's overall productivity and safety [18]. - The article emphasizes the importance of precise identification of bottlenecks and resource optimization in driving the transformation of traditional industries towards new productive forces [20].

美国总统唐纳德·特朗普将公布利用政府资金和五角大楼合同来维持美国燃煤发电厂的计划，试图推动 国内对化石燃料的依赖。 据白宫官员透露，这项将于周三宣布的计划将通过行政命令的形式推出，特朗普指示国防部长赫格赛思 执行，与煤电厂签订协议，购买电力以支持军事行动。 知情官员表示，此举预计将动用1950年《国防生产法》下的冷战时期特殊授权，该法赋予白宫广泛的权 力，可以指导私营行业维护国家安全。由于相关计划尚未公开，知情官员要求匿名。特朗普政府也曾在 第一个总统任期考虑过类似方法。 这位官员表示，特朗普还将宣布能源部计划拨款1.75亿美元，用于肯塔基州 、 北卡罗来纳州、俄亥俄 州、弗吉尼亚州和西弗吉尼亚州六座燃煤电厂的升级改造。美国能源部去年宣布了可用资金，并表示此 举旨在提高一些燃煤电厂的效率并延长其运营时间。 责任编辑：于健 SF069 美国总统唐纳德·特朗普将公布利用政府资金和五角大楼合同来维持美国燃煤发电厂的计划，试图推动 国内对化石燃料的依赖。 据白宫官员透露，这项将于周三宣布的计划将通过行政命令的形式推出，特朗普指示国防部长赫格赛思 执行，与煤电厂签订协议，购买电力以支持军事行动。 知情官员表示，此举预计 ...

商 品 研 究 2026 年 02 月 11 日 焦炭：多头止盈，震荡偏弱 焦煤：多头止盈，震荡偏弱 刘豫武 投资咨询从业资格号：Z0023649 liuyuwu2@gtht.com 【基本面跟踪】 焦煤焦炭基本面数据 | | 110 | | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | JM2605 | 1119 | -28 | -2.4% | | 期货价格 | | 12605 | 1665 | -38.5 | -2. 3% | | | | | 昨日成交(手) | 昨日持仓(手) | 持仓变动(手) | | | | JM2605 | 711282 | 499139 | 29997 | | | | J2605 | 13895 | 36423 | 1514 | | | | | 昨日价格(元/吨) | 前日价格(元/吨) | 涨跌(元/吨) | | | | 临汾低硫主焦 吕梁低硫主焦 | 1570 1483 | 1570 1483 | 0 0 | | | 焦煤 | 吕梁瘦主焦煤 | 1266 | 1266 | 0 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report provides investment outlooks for various commodities in the black series, including iron ore, rebar, hot-rolled coils, ferrosilicon, silicomanganese, coke, coking coal, and logs. The outlooks range from range-bound oscillations to wide-range fluctuations and weakening trends [2]. Summary by Commodity Iron Ore - **Market Outlook**: Expected to trade in a range [2]. - **Fundamental Data**: Futures price remained unchanged at 761.5 yuan/ton with no change in price and a 0.00% change in price. Open interest increased by 556 to 513,940 lots. Spot prices of various iron ore types also remained unchanged. The basis and spreads showed minimal changes [4]. - **Trend Strength**: -1, indicating a slightly bearish outlook [5]. Rebar and Hot-Rolled Coils - **Market Outlook**: Both are expected to experience wide-range fluctuations [2]. - **Fundamental Data**: Rebar futures (RB2605) closed at 3,052 yuan/ton, down 17 yuan or 0.55%. Hot-rolled coil futures (HC2605) closed at 3,220 yuan/ton, down 21 yuan or 0.65%. Open interest for both increased. Spot prices remained stable. The basis and spreads showed some changes [7]. - **Trend Strength**: 0 for both, indicating a neutral outlook [9]. Ferrosilicon and Silicomanganese - **Market Outlook**: Ferrosilicon is expected to experience wide-range fluctuations due to sector sentiment resonance, while silicomanganese is expected to fluctuate widely as South African manganese ore shipments may tighten after the Spring Festival [2]. - **Fundamental Data**: Futures prices of ferrosilicon and silicomanganese showed some changes. Spot prices of related products and raw materials were provided. The basis, spreads, and cross-variety spreads also showed changes [11]. - **Trend Strength**: 0 for both, indicating a neutral outlook [14]. Coke and Coking Coal - **Market Outlook**: Both are expected to weaken with a bearish trend as long positions take profits [2]. - **Fundamental Data**: Futures prices of coke and coking coal decreased. Spot prices of related products remained mostly stable. The basis and spreads showed some changes [16]. - **Trend Strength**: -1 for both, indicating a slightly bearish outlook [19]. Logs - **Market Outlook**: Expected to trade in a range [2]. - **Fundamental Data**: Futures prices, trading volumes, and open interest of different log contracts showed various changes. Spot prices of different types of logs remained mostly stable [20]. - **Trend Strength**: 0, indicating a neutral outlook [23]. Macro and Industry News - China's January RatingDog Manufacturing PMI was 50.3, in line with expectations and up from the previous value of 50.1 [4][22]. - Multiple real estate developers no longer need to report the "three red lines" indicators monthly, but some troubled developers are required to report financial indicators to the special team in their headquarters city regularly [4][22]. - In late January 2026, major steel enterprises' average daily production of crude steel decreased by 2.2%, pig iron decreased by 3.0%, and steel increased by 3.2%. Steel inventories decreased by 8.8% compared to the previous ten-day period [8][9]. - BHP Billiton's first-half iron ore production reached a record high, and it accepted price cuts for some iron ore in annual contract negotiations with China [9]. - In December 2025, China's steel imports increased by 4.2% month-on-month, and the average price increased by 11.0%. The cumulative imports from January to December decreased by 11.1% year-on-year [9]. - The Ministry of Commerce and the General Administration of Customs implemented export license management for some steel products [9]. - An Inner Mongolia silicon-manganese plant's new production capacity is expected to start producing iron by the end of February. Jupiter will not supply or quote manganese ore to China in March and will release April's offer after the Spring Festival [11]. - On February 10, the prices of ferrosilicon and silicomanganese in different regions were reported, and a Jiangsu steel mill set the silicon-manganese price for early February at 5,850 yuan/ton, up 20 yuan/ton from mid-to-late January [12][13]. - On February 10, the CCI metallurgical coal index showed price changes, and the coking coal online auction had a lower failure rate and an average premium of 11.17 yuan/ton. The market activity declined, and most prices fell [16].

Report Industry Investment Ratings - The report does not explicitly provide an overall industry investment rating. However, it offers trading suggestions for various futures products, including "long - term bullish and buy on dips", "range trading", "temporary wait - and - see", etc. Core Viewpoints - The report analyzes the market conditions of multiple futures products in different sectors, including macro - finance, black building materials, non - ferrous metals, energy chemicals, cotton - spinning industry chain, and agricultural livestock. It provides trading strategies based on factors such as supply - demand relationship, cost, and market sentiment for each product. Summary by Directory Macro - Finance - **Stock Index**: Medium - to long - term bullish, suggest buying on dips. Overseas rebound and reduced liquidity shock disturbances may lead to a slightly bullish and volatile trend [1][6]. - **Treasury Bonds**: Expected to trade in a range. Despite institutional demand for holding bonds during the holiday, factors like resistance at the 60 - day moving average, upcoming important meetings, and bond supply uncertainties contribute to the range - bound movement [6]. Black Building Materials - **Coking Coal**: Short - term trading is recommended. The coal market shows short - term fluctuations, with price increases driven by factors like price adjustments by Shenhua and local inventory - building demand, but the sustainability of the price increase is limited [7][8]. - **Rebar**: Range trading. The price is currently trading in a range, with low static valuation and weakening cost support. It is recommended to trade with light positions before the holiday [8]. - **Glass**: Suggest buying on dips. Although there are still upward pressure and industry rumors, the futures price has dropped to a relatively low level again, and it is expected to be slightly bullish in the future [9][10]. Non - Ferrous Metals - **Copper**: High - level range - bound. General traders are advised to reduce trading positions before the holiday, while hedgers are recommended to increase the hedging coverage rate. The copper market is affected by macro factors, with concerns about AI bubbles and geopolitical issues. The supply and demand situation is complex, and the price is expected to stabilize in a range [11]. - **Aluminum**: High - level range - bound. It is recommended to strengthen observation. The supply of electrolytic aluminum is increasing, while the downstream demand is weakening. The overall market sentiment is still bullish on non - ferrous metals, and it is advisable to reduce positions before the holiday [13]. - **Nickel**: Range - bound. It is recommended to wait and see. The reduction of Indonesia's nickel ore quota has boosted the price, but the current market has fully priced in this factor, and the fundamental situation is weak [15]. - **Tin**: Range trading. The supply of tin ore is tight, and the downstream consumption maintains rigid demand. It is expected to continue to trade in a range, and attention should be paid to the resumption of supply and the recovery of downstream demand [16][17]. - **Gold and Silver**: Range trading. Affected by factors such as Trump's nomination of the new Fed chairman and changes in the US economic data, the medium - term price center of both has shifted upwards, but the short - term is in an adjustment state [17][18]. - **Lithium Carbonate**: Range - bound. The supply and demand situation is complex, with issues such as the suspension of mines in Yichun and the increase in South American lithium salt imports. It is expected to continue to trade in a range [18]. Energy Chemicals - **PVC**: Low - level wide - range trading. The supply is high, the domestic demand is weak, but the valuation is low. Attention should be paid to export policies and cost fluctuations [20]. - **Caustic Soda**: Low - level range - bound. Temporarily wait and see. The demand is weak, and the supply pressure is high. Attention should be paid to supply - side maintenance and production cuts [20]. - **Styrene**: Range trading. There is a rebound supported by factors such as export increase and device maintenance, but the valuation is high, and it is recommended to be cautious when chasing the rise [22]. - **Rubber**: Range trading. Before the holiday, the market is affected by both bullish and bearish factors, and the price is expected to be slightly bullish and volatile [22]. - **Urea**: Range trading. The supply is increasing, the demand from compound fertilizer enterprises is rising, and the inventory is at a relatively low level compared to the same period last year. The price is expected to trade in a range [23]. - **Methanol**: Range trading. The domestic supply is decreasing, the demand from methanol - to - olefins is weakening, and the traditional downstream demand is also weak. The price in some regions is relatively strong due to geopolitical and port arrival factors [25]. - **Polyolefins**: Weakly bearish and volatile. The downstream demand is weakening during the pre - holiday off - season, the supply is still high, and the inventory is accumulating. It is recommended to short on rallies [26]. - **Soda Ash**: Temporarily wait and see. The supply is in surplus, the cost is rising, and the market expectation is poor. It is advisable to leave the market and observe for the time being [27]. Cotton - Spinning Industry Chain - **Cotton and Cotton Yarn**: Volatile adjustment. The global cotton supply - demand situation is improving, but the internal - external price difference is suppressing the domestic market. It is recommended to be cautious in the short term and optimistic in the long term [28]. - **Apples**: Range - bound. The overall market in the producing areas is stable, and the trading volume of some varieties is average [28]. - **Jujubes**: Range - bound. The purchase price in the producing areas is based on quality, and the market is stable [29]. Agricultural Livestock - **Pigs**: Bottom - building. Partially take profits on short positions before the Spring Festival and adopt a strategy of shorting on rebounds. The short - term supply exceeds demand, and the long - term price trend depends on factors such as capacity reduction [29]. - **Eggs**: Rebound from a low level. Before the holiday, the market is volatile, and it is recommended to be cautious when shorting. Pay attention to the supply situation in the medium - to long - term [31]. - **Corn**: Limited upside. In the short term, be cautious when chasing the rise, and grain - holding entities can hedge on rebounds. The medium - to long - term supply - demand pattern is relatively loose [32][33]. - **Soybean Meal**: Low - level range - bound. For the M2605 contract, pay attention to the support at 2700 yuan/ton, and short on rebounds. The market is affected by factors such as South American production and domestic demand [33]. - **Oils and Fats**: High - level range - bound. Suggest buying on dips and pay attention to position risks before the holiday. The market situation of different oils is different, with soybean oil relatively strong and palm oil and rapeseed oil relatively weak [34][39].

2026 年 2 月 11 日 究 动力煤：上游报价上涨，节前煤价稳中偏强 樊园园 投资咨询从业资格号：Z0023682 fanyuanyuan@gtht.com 【趋势强度】 动力煤趋势强度（基于北港动力煤现货价格）：1 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 1. 【基本面跟踪】 动力煤基本面数据 | | 指 标 | 单 位 | 本 期 | 环 比 | 同比去年 | | --- | --- | --- | --- | --- | --- | | | 山西大同5500 | 元/吨 | 572.0 | 5.0 | -18.0 | | 产地价格 | 内蒙古鄂尔多斯5500 | 元/吨 | 522.0 | 0.0 | -6.0 | | | 陕西榆林5800 | 元/吨 | 598.0 | 0.0 | 13.0 | | 港口价格 | 秦港山西产Q5500 | 元/吨 | 699.0 | 2.0 | -42.0 | | | 秦港山西产Q5000 | 元/吨 | 620.0 | 3.0 | -31.0 | | | 秦港山西产Q4500 | 元/吨 | 538.0 | 4.0 ...

Core Viewpoint - The third "Peace and Prosperity, Enjoying Chaili" miner's fair at Shandong Energy Zhaokang Group's Chaili Coal Mine combines traditional customs, safety culture, interactive fun, and warm services, creating a vibrant New Year carnival for miners and their families [1][8]. Group 1: Traditional Customs and Cultural Activities - The event featured a lively parade with stilt walkers, folk songs, and cartoon characters, distributing "Fu" characters and small gifts to attendees, enhancing the festive atmosphere [2]. - A quiz area called "Gathering Wealth Street" engaged participants with questions about traditional customs and mining history, rewarding correct answers with "folk blessing bags" [2]. - The "Intangible Cultural Heritage Creative Street" showcased traditional crafts like peach wood carving and clay whistle making, offering unique souvenirs that reflect the mining culture [2]. Group 2: Safety Awareness and Education - The "Safety Street" included eight interactive games designed to teach safety knowledge in a fun way, such as "Safety Sign Puzzle" and "VR Hazard Identification Experience" [2][3]. - Participants expressed that the VR experience was more impactful than traditional lectures, highlighting the effectiveness of engaging methods in safety education [3]. Group 3: Community and Welfare Services - The "Harmony Street" offered affordable food options, with long lines for dishes priced at two yuan, allowing families to purchase healthy New Year goods [4]. - The fair also provided various community services, including free phone screen protection, hot drinks, health checks, and small appliance repairs, enhancing the sense of care and convenience for attendees [6]. - A booth for "People's Livelihood Policy" offered professional advice on tax deductions and anti-fraud techniques, addressing many concerns of the workers [6]. Group 4: Emotional and Social Connection - The event featured a large New Year blessing wall and a wish tree filled with heartfelt messages from families, reflecting their hopes for safety and success [3]. - The fair aimed to create a warm and lively corporate community, fostering a sense of belonging among miners and their families, as emphasized by the mine's party secretary [8].

1. Report Information - Report Title: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: February 11, 2026 [1] 2. Price Information Spot Prices - **LiuLin Main Coking Coal**: The latest price is 1483.00, with no daily or weekly change, a monthly increase of 28.00, and a yearly increase of 13.47% [2] - **Raw Coal Port Delivery Price**: The latest price is 1025.00, a daily increase of 15.00, a weekly decrease of 2.00, a monthly decrease of 43.00, and a yearly increase of 12.64% [2] - **ShaHeYi Meng 5**: The latest price is 1400.00, with no daily change, a weekly decrease of 30.00, a monthly increase of 60.00, and a yearly increase of 3.70% [2] - **AnZe Main Coking Coal**: The latest price is 1570.00, with no daily change, a weekly decrease of 30.00, a monthly increase of 70.00, and a yearly increase of 12.14% [2] - **Peak Downs**: The latest price is 224.00, with no daily change, a weekly increase of 2.00, a monthly decrease of 5.50, and a yearly increase of 22.60 [2] - **Goonyella**: The latest price is 224.00, with no daily change, a weekly increase of 2.00, a monthly decrease of 6.50, and a yearly increase of 22.90 [2] Futures Prices - **Futures Contract 05**: The latest price is 1127.00, a daily decrease of 11.00, a weekly decrease of 72.00, a monthly decrease of 88.00, and a yearly increase of 4.35% [2] - **Futures Contract 09**: The latest price is 1204.50, a daily decrease of 11.50, a weekly decrease of 72.00, a monthly decrease of 84.00, and a yearly increase of 3.39% [2] - **Futures Contract 01**: The latest price is 1378.00, a daily decrease of 11.50, a weekly decrease of 60.50, a monthly increase of 233.50, and a yearly increase of 12.49% [2] 3. Inventory Information - **Total Inventory**: The latest inventory is 4197.93, with a weekly increase of 67.69 and a monthly increase of 145.36 [2] - **Coal Mine Inventory**: The latest inventory is 264.65, a weekly decrease of 2.53, a monthly decrease of 30.36, and a yearly decrease of 30.64% [2] - **Port Inventory**: The latest inventory is 286.38, a weekly decrease of 3.00, a monthly decrease of 14.92, and a yearly decrease of 36.82% [2] - **Steel Mill Coking Coal Inventory**: The latest inventory is 814.36, a weekly increase of 11.12, a monthly increase of 12.09, and a yearly decrease of 2.11% [2] - **Coking Plant Coking Coal Inventory**: The latest inventory is 1234.79, a weekly increase of 57.08, a monthly increase of 182.29, and a yearly increase of 17.83% [2] - **Coking Plant Coke Inventory**: The latest inventory is 86.33, a weekly increase of 0.42, a monthly increase of 0.66, and a yearly decrease of 0.58% [2] 4. Other Information - **Coking Capacity Utilization Rate**: The latest rate is 72.20, a weekly increase of 0.34, a monthly decrease of 0.49, and a yearly decrease of 1.14% [2] - **05 Basis**: The latest basis is -0.79, a daily increase of 11.00, a weekly increase of 68.55, a monthly increase of 122.48, and a yearly increase of 64.49 [2] - **09 Basis**: The latest basis is -78.29, a daily increase of 11.50, a weekly increase of 68.55, a monthly increase of 118.48, and a yearly decrease of 0.48 [2] - **01 Basis**: The latest basis is -251.79, a daily increase of 11.50, a weekly increase of 57.05, a monthly decrease of 199.02, and a yearly increase of 0.20 [2] - **5 - 9 Spread**: The latest spread is -77.50, a daily increase of 0.50, with no weekly change, a monthly decrease of 4.00, and a yearly decrease of 0.09 [2] - **9 - 1 Spread**: The latest spread is -173.50, with no daily change, a weekly decrease of 11.50, a monthly decrease of 317.50, and a yearly increase of 1.89 [2] - **1 - 5 Spread**: The latest spread is 251.00, a daily decrease of 0.50, a weekly increase of 11.50, a monthly increase of 321.50, and a yearly increase of 0.73 [2]

Core Viewpoint - The coal mining industry in Guizhou is undergoing significant transformation through the implementation of intelligent systems, enhancing efficiency and safety in operations while addressing the challenges posed by the region's complex geological conditions [2][3][5]. Group 1: Intelligent Transformation in Coal Mining - Guizhou's coal mines are leveraging intelligent production lines to ensure energy supply, especially during peak demand periods like the Spring Festival [1]. - Workers are transitioning from traditional roles to operating advanced intelligent systems, improving both job satisfaction and operational efficiency [2]. - The introduction of a 5G network and smart equipment has enabled real-time monitoring and control of mining operations, significantly reducing downtime and enhancing safety [3][4]. Group 2: Efficiency Gains and Economic Impact - The implementation of intelligent systems has led to a 20% to 30% increase in annual output per mining face, setting historical production records under challenging geological conditions [4]. - The new intelligent washing and sorting systems in coal processing facilities have achieved zero wastewater discharge and increased revenue by approximately 90 million yuan annually [5]. - The integration of monitoring systems allows for real-time tracking of personnel and equipment, enhancing operational oversight and data sharing across the industry [5]. Group 3: Future Development Plans - By 2025, Guizhou aims to reach an annual coal production capacity of 216 million tons, with large and medium-sized mines making up 87.1% of this capacity [6]. - The focus will shift towards refined mining practices and deeper processing of coal, aiming to increase product value and improve the working conditions for miners [6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The current black series is in a bottom - game stage with a mix of long and short factors. In the short term, it will mainly operate in a weak range - bound oscillation, and the trend opportunity is not clear. Attention should be paid to inventory changes around the Spring Festival, the recovery of plate demand, and possible marginal adjustments to "dual - carbon" policies [2]. - For iron ore, it is expected to oscillate weakly before the festival. Attention should be paid to overseas ore shipments and the domestic hot - metal production rhythm [5]. - For manganese silicon and ferrosilicon, in the long - term, the bullish trend of commodities may continue, but short - term market sentiment is affected by the adjustment of precious metals. The future market is mainly affected by the overall market sentiment and cost - supply factors. Attention should be paid to possible changes in manganese ore and "dual - carbon" policies [9][10]. - For coking coal and coke, in the long - term, the bullish trend of commodities may continue, but in the short term, the market is affected by precious metals. The short - term upward catalytic force is not strong, and there may be a risk of price correction after the Spring Festival. It is expected to rise smoothly from June to October [15][16]. - For industrial silicon, it shows a pattern of weak supply and demand in February. It is expected to be weakly oscillating before the festival, and attention should be paid to market sentiment [19][20]. - For polysilicon, the supply is decreasing, the demand is stable, and the high inventory is expected to be slightly reduced. The futures are expected to oscillate, and attention should be paid to post - festival demand and spot prices [22]. - For glass, it is expected to continue to oscillate in the short term, with the reference range of the main contract being 1030 - 1120 yuan/ton [25]. - For soda ash, it is expected to continue to operate weakly, with the reference range of the main contract being 1140 - 1200 yuan/ton [27]. Summary by Directory Steel Products 1. Rebar - **Market Information**: The closing price of the rebar main contract was 3052 yuan/ton, down 12 yuan/ton (- 0.39%) from the previous trading day. The registered warehouse receipts were 15710 tons, with no change from the previous day. The position of the main contract was 2.0655 million lots, an increase of 60036 lots. The Tianjin aggregated price was 3150 yuan/ton, and the Shanghai aggregated price was 3220 yuan/ton, both with no change [1]. - **Strategy Viewpoint**: Near the Spring Festival, both the supply and demand of rebar have shown obvious seasonal declines, and the inventory has entered the accumulation stage, but the overall inventory accumulation range is still controllable [2]. 2. Hot - Rolled Coil - **Market Information**: The closing price of the hot - rolled coil main contract was 3220 yuan/ton, down 19 yuan/ton (- 0.58%) from the previous trading day. The registered warehouse receipts were 253200 tons, an increase of 9424 tons. The position of the main contract was 1.5428 million lots, an increase of 43035 lots. The Lecong aggregated price was 3260 yuan/ton, and the Shanghai aggregated price was 3240 yuan/ton, both with no change [1]. - **Strategy Viewpoint**: The demand for hot - rolled coils is relatively stable, the output has decreased slightly, the inventory has accumulated slightly, and the supply - demand structure is generally neutral [2]. Iron Ore - **Market Information**: The main contract (I2605) of iron ore closed at 761.50 yuan/ton, with a change of + 0.00% (+ 0.00). The position changed by + 556 lots to 513900 lots. The weighted position was 878500 lots. The spot price of PB powder at Qingdao Port was 767 yuan/wet ton, with a basis of 52.70 yuan/ton and a basis rate of 6.47% [4]. - **Strategy Viewpoint**: The overseas iron ore shipments have decreased significantly. The near - end arrivals have decreased. The daily hot - metal output is lower than expected, and the port inventory is at the highest level in the same period in the past five years. It is expected to oscillate weakly before the festival, and attention should be paid to overseas ore shipments and the domestic hot - metal production rhythm [5]. Manganese Silicon and Ferrosilicon - **Market Information**: On February 10, the main contract of manganese silicon (SM605) closed up 0.10% at 5818 yuan/ton. The spot price of 6517 manganese silicon in Tianjin was 5720 yuan/ton, with a basis of 92 yuan/ton. The main contract of ferrosilicon (SF605) closed down 0.25% at 5580 yuan/ton. The spot price of 72 ferrosilicon in Tianjin was 5700 yuan/ton, with a basis of 120 yuan/ton [8]. - **Strategy Viewpoint**: In the long - term, the bullish trend of commodities may continue, but short - term market sentiment is affected by the adjustment of precious metals. The supply - demand pattern of manganese silicon is still not ideal, and that of ferrosilicon is basically balanced. The future market is mainly affected by the overall market sentiment and cost - supply factors. Attention should be paid to possible changes in manganese ore and "dual - carbon" policies [9][10]. Coking Coal and Coke - **Market Information**: On February 10, the main contract of coking coal (JM2605) closed down 2.445% at 1119.0 yuan/ton. The spot price of low - sulfur main coking coal in Shanxi was 1550.6 yuan/ton, with a basis of 241 yuan/ton; the medium - sulfur main coking coal was 1270 yuan/ton, with a basis of 134 yuan/ton; the Mongolian 5 clean coal in Wubulangjinquan Industrial Park was 1227 yuan/ton, with a basis of 83 yuan/ton. The main contract of coke (J2605) closed down 2.26% at 1665.0 yuan/ton. The spot price of quasi - first - grade wet - quenched coke at Rizhao Port was 1470 yuan/ton, with a basis of 60.5 yuan/ton; the quasi - first - grade dry - quenched coke in Lvliang was 1550 yuan/ton, with a basis of 101 yuan/ton [12]. - **Strategy Viewpoint**: In the long - term, the bullish trend of commodities may continue, but in the short term, the market is affected by precious metals. The short - term upward catalytic force is not strong, and there may be a risk of price correction after the Spring Festival. It is expected to rise smoothly from June to October [15][16]. Industrial Silicon and Polysilicon 1. Industrial Silicon - **Market Information**: The closing price of the main contract of industrial silicon (SI2605) was 8375 yuan/ton, down 0.89% (- 75). The weighted contract position increased by 12176 lots to 418432 lots. The spot price of 553 non - oxygen - passed industrial silicon in East China was 9200 yuan/ton, with a basis of 825 yuan/ton; the 421 was 9650 yuan/ton, with a basis of 475 yuan/ton [18]. - **Strategy Viewpoint**: It shows a pattern of weak supply and demand in February. It is expected to be weakly oscillating before the festival, and attention should be paid to market sentiment [19][20]. 2. Polysilicon - **Market Information**: The closing price of the main contract of polysilicon (PS2605) was 48950 yuan/ton, down 0.85% (- 420). The weighted contract position decreased by 183 lots to 65828 lots. The average price of N - type granular silicon was 50 yuan/kg, the N - type dense material was 52.75 yuan/kg, and the N - type re - feeding material was 53.65 yuan/kg, all with no change. The basis was 4700 yuan/ton [21]. - **Strategy Viewpoint**: The supply is decreasing, the demand is stable, and the high inventory is expected to be slightly reduced. The futures are expected to oscillate, and attention should be paid to post - festival demand and spot prices [22]. Glass and Soda Ash 1. Glass - **Market Information**: On Tuesday at 15:00, the main contract of glass closed at 1070 yuan/ton, down 0.74% (- 8). The North China large - plate price was 1030 yuan, and the Central China price was 1110 yuan, both with no change. On February 5, the weekly inventory of float glass sample enterprises was 53.064 million boxes, an increase of 0.5 million boxes (+ 0.95%). The top 20 long - position holders reduced 20888 long positions, and the top 20 short - position holders reduced 612 short positions [24]. - **Strategy Viewpoint**: It is expected to continue to oscillate in the short term, with the reference range of the main contract being 1030 - 1120 yuan/ton [25]. 2. Soda Ash - **Market Information**: On Tuesday at 15:00, the main contract of soda ash closed at 1171 yuan/ton, down 0.85% (- 10). The price of heavy soda ash in Shahe was 1121 yuan, a decrease of 9 yuan. On February 5, the weekly inventory of soda ash sample enterprises was 1.5811 million tons, an increase of 36900 tons (+ 0.95%), including 746100 tons of heavy soda ash, an increase of 30000 tons, and 835000 tons of light soda ash, an increase of 6900 tons. The top 20 long - position holders increased 10237 long positions, and the top 20 short - position holders increased 28617 short positions [26]. - **Strategy Viewpoint**: It is expected to continue to operate weakly, with the reference range of the main contract being 1140 - 1200 yuan/ton [27].